The online forex brokerage known under the FxPro brand, based in the UK and Cyprus, through its regulated businesses, today announced the release of its execution statistics for the first quarter (Q1) of 2016, reporting positive, negative and at-quote execution data, including the percentage of re-quotes from among the trades it executed during the period.
The new world of online trading, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
The results disclose slippage percentages and related price improvements that were either favorable, unfavorable or neutral to traders, as the price of underlying markets can change during a trade submission and cause the execution rate to vary from the requested rate, based on brokers’ trade policies and execution methods. The company starting publishing these results nearly a year ago in an effort to increase transparency of its execution statistics.
Rob Frasca Talks Ndau as an Adaptive Store of ValueGo to article >>
Positive slippage totaled 46.93% during Q1, and made up nearly half of the results, and indicated that traders received better than expected prices nearly half of the time, whereas the percentage of negative slippage was 21.26% or just over a fifth of the totals. In addition, the company reported that 31.81% of the trades executed during Q1 were at the prices that were originally quoted, representing nearly a third of the totals.
Compared to the prior reported quarter, which was Q4 2015 as detailed by Finance Magnates at the start of 2016, the number of trades executed at a better price than requested – or positive slippage – was up 9.4% from 37.5%, whereas the negative slippage percentage decreased by 3.5% Quarter-over-Quarter (QoQ) down from 24%.
In addition, the percentage of orders that were requoted decreased to 5.01% from 5.95% compared QoQ, which reflected 2.23% of requoted price as positive, whereas the remaining 2.78% was negative or prices that were worse than requested – yet that total was better than the prior quarter which had a higher rate of negative price requotes QoQ.
Commenting in the official press release, FxPro CEO, Charalambos Psimolophitis, said: “It has been a year since we took the initiative to systematically publish our execution statistics. The purpose of this move remains twofold: to provide traders with valuable information about our standards of service, and to encourage greater transparency in the FX industry. It is pleasing to see positive developments gradually taking place, as is to observe the continuous improvement of the quality of trade execution we offer.” The company also made a parallel announcement on its blog that its all-in-one trade calculator lets clients compute the pip, swap and margin values from within the website.